ServiceNow swings for profit in Q2, increasing sales


ServiceNow Inc. Shares now,
+ 2.45%
The extended session fell more than 3% on Wednesday after the cloud software company reported above expectations for the second quarter and said its subscription sales rose 30%. ServiceNow said it earned $ 41 million, or 20 cents per share, in the quarter, swinging from a loss of 6 cents per share in the year-ago period. Adjusted for one-time items, the company earned $ 1.23 per share. The company said revenue grew 28% to $ 1.07 billion. Analysts polled by FactSet expected adjusted earnings of $ 1.01 on sales of $ 1.05 billion for the quarter. The company said that its subscription revenue grew 30% year-on-year. ServiceNow guides for membership revenue between $ 4.185 billion and $ 4.200 billion for the full year 2020. “Our best-rate class renewal rate remains at 97%, and customers now continue to expand on the No platform, giving us the conviction to increase our growth and profitability guidance. For the year. Give me my second half Has confidence in our ability. ”Chief Financial Officer Gina Mastuntuno said in a statement.

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